Last month, they raised significant capital from some Japanese investors. They are growing and adding users at scale. Tyms Africa, a Tekedia Capital portfolio startup, is helping African businesses manage their accounts payable and accounts receivable, along with their bookkeeping and general accounting activities through its Tyms Book product. 

Tyms Book’s all-in-one business financial management suite makes it possible for CFOs or Finance Managers to put the accounting department on auto-pilot, making it possible for the financial book to be closed faster, with real-time reporting and quicker decision-making that impact the organization’s growth and profitability. Across market sectors and segments, customers love Tyms.

When brahim Adepoju, a seasoned software engineer, and Chineye Ochem, a chartered accountant, came to Tekedia Capital, we knew something amazing was coming and we wrote the cheque. To request a demo, go here https://tyms.africa/request-demo. For partnerships, cross-marketing opportunities, integration partnership, etc, read below.

–Press Release

According to research, Nigerian accounting practices are still developing in relation to digitization. When conducting audit procedures, the bulk of audit practices in Nigeria still mainly rely on manual techniques.

Accounting offers financial data on a company or a nonprofit organization. For decision-making, owners, managers, investors, and other interested parties require financial information.

With the fast-growing rate of startups and small businesses rising in Nigeria and Africa at large, most of these business owners ignore the accounting aspect of their business at the early stage while putting more focus on their product development, sales and raising capital or grants. Whereas, the failure of many startups and small businesses has been traced to poor financial management and inefficient unit economics.

The assumption has always been that digital accounting and bookkeeping are needed more by micro-small enterprises whereas the need is higher in small-medium enterprises whose growth and decision-making are being slowed down due to the heavy volume of manual processes taking place in the finance and accounting departments.

Tyms Africa, a Tekedia Capital portfolio startup, is helping African businesses manage their accounts payable and accounts receivable, along with their bookkeeping and general accounting activities through her Tyms Book product. Tyms Book’s all-in-one business financial management suite will make it possible for the CFO or Finance Manager to put the accounting department on auto-pilot, making it possible for the financial book to be closed faster, with real-time reporting and quicker decision-making that impact the organization’s growth and profitability.

Founded in late 2021 by Ibrahim Adepoju, a seasoned software engineer and Chineye Ochem a chartered accountant. Both founders have extensive experience in information technology and financial accounting with experience working and consulting for organizations like PricewaterhouseCoopers International Limited (PwC), Sterling Assets Management and Trustees Limited, PagaTech Limited and a few others.

Tyms Africa, alongside its software as a service, also connects business owners who do not have a finance team with financial advisors and experts who leverage Tyms Book to help the business prepare their financial books, file taxes and get recommendations needed to improve their business performance.

Small business owners, accountants, bookkeepers and CFOs can use Tyms Book to power the following:

• Quote generation and internal approvals.
• Invoice generation and payment collection with direct integration with notable payment gateways in Africa such as Paystack and Flutterwave.
• Recurring invoicing to customers, automatic payment collection, reminders, notifications and automatic receipt generation for customers.
• Customer management portal and direct communication channel for negotiations and document signing.
• Vendor purchase orders and bills or invoice management with real-time communication and negotiation channels.
• Vendors’ automatic and scheduled bill payments.
• Team expense claims and reimbursement with structured approval workflows.
• Company budget preparation, approvals, tracking and forecasting.
• Fixed assets management with real-time depreciation reporting and other computations.
• Project management is associated with all organizational financial activities.
• Real-time financial reports preparation such as balance sheets, trial balances, income statements, management reports and a lot more.
• Bank reconciliation, transaction categorization and automated bookkeeping based on prepared bank rules.
• Tax filing via a network of advisors and experts.
• Integration marketplace for apps or startups in human resources, e-commerce, logistics, travels, insurance, payments, communication, lending and accounting industry. To help the finance unit sync with transactions in real time.

Tyms Africa, asides from having a product with top-notched quality and user experience, remains the most affordable and robust accounting system helping African businesses to cut-cost while streamlining their financial operations.

It takes only two minutes to sign up a business on Tyms Book while a demo session can also be scheduled ahead for guidelines and use case clarifications. Businesses using an existing accounting system can easily migrate to Tyms Book with just a single button click and with Tyms Book, businesses can save 40% in accounting system cost.

Tyms Africa has secured hundreds of thousands of dollars in pre-seed investment from notable local and international investors such as Tekedia Capital, Hoaq, SGGrow (Singapore), Azarel and angels like Hiro Mashita, Honda Yuzuru (CEO of Freakout Holdings Inc. Singapore) with a few other family and friends. The team has also participated in Seedstars and Google for Startup non-equity support programs.

Tyms Africa offers attractive recurring revenue sharing to partners such as accounting firms, consultants, sales teams and industry experts when they introduce other businesses to use Tyms Book. Interested parties can reach Tyms Africa via partnership@tyms.africa.

Also, the Tyms Africa integration marketplace is open to cross-selling and integration partnership with other digital platforms in the area of human resources, e-commerce, logistics, travels, insurance, payments, communication, lending and accounting. Interested parties can also reach Tyms Africa via partnership@tyms.africa.

Peter Obi, the Labour Party’s candidate in the 2023 presidential election, has expressed his disappointment over the upcoming departure of British pharmaceutical giant GlaxoSmithKline (GSK) from Nigeria after five decades of operation.

He expressed the feeling in the wake of GSK’s declaration to cease its manufacturing of prescription medicines and vaccines within the country.

In a communication submitted to the Nigerian Exchange Limited, the multinational pharmaceutical corporation disclosed its intention to shift to a third-party direct distribution approach for its pharmaceutical offerings.

In response to this development, Peter Obi expressed his sentiments through a tweet on Friday evening. He lamented that the company’s decision to depart from Nigeria is particularly disheartening, indicating a lack of optimism in the country’s potential as a productive business environment.

He attributed these outcomes to the collective mismanagement of our economy over time.
“As a result, millions are losing their jobs and our poverty index is worsening, even though we’re already being perceived as the world’s poverty capital,” he said in the post.

Today, I was saddened to hear that GlaxoSmithKline (GSK), is exiting Nigeria after 51 years of operation.
Their reason for leaving Nigeria is even more disheartening; they no longer perceive a prospect for the country as a business environment that would be anchored on

— Peter Obi (@PeterObi) August 4, 2023

He further noted that “The multinationals that are leaving our country have not only created jobs but have created immeasurable training that contributed immensely to our human capital development over the years.

“Now they are leaving our shores one after the other. GSK which has a manufacturing facility in Agbara, Ogun State on over 25 hectares of land had directly employed over 400 highly technical workers like pharmacists, microbiologists, biochemists, chemists, dentists, doctors etc, and also employed over 1000 other staff.

“It indirectly provided jobs and business opportunities for thousands of Nigerians across the nation. They are now leaving all these behind, and pushing more people back into unemployment.

“I have consistently maintained that in turning our nation around, we must move the economy from consumption to production, part of which included encouraging and supporting local and foreign investments, like GSK, in the country.

“The creation of an environment that creates and sustains multinationals to invest in our country is key to our dream of greatness. In the new Nigeria that we seek to create, the emphasis on production will encourage investors to stay and expand on our shores.”

The decision of GlaxoSmithKline, which was incorporated in Nigeria in June 1971, added to the growing number of multinational companies leaving Nigeria due to an unfriendly business environment.

The pharmaceutical multinational company is the producer of popular products like Panadol, Ribena, Lucozade, Macleans, augmentin, and Andrews Liver Salt, among others. Nigerians are concerned that its exit will result in a further hike of its pharmaceutical products.

Join us today at Tekedia Mini-MBA as we examine how to build webinality (web+personality). Yes, in this age, to ascend professionally, you need to find a creative way for people to know what you think you know. If you know it and keep it to yourself, you grow alone. But if you make it possible for others to know, wings emerge to carry you up. You must build your professional webinality! 

Tekedia Mini-MBA is an innovation management 12-week program, optimized for business execution and growth, with digital operational overlay. It runs 100% online. The theme is Innovation, Growth & Digital Execution – Techniques for Building Category-King Companies. All contents are self-paced, recorded and archived which means participants do not have to be at any scheduled time to consume contents. Besides, programs are designed for ALL sectors, from fintech to construction, healthcare to manufacturing, agriculture to real estate, etc.

Join us in Tekedia Mini-MBA